Purpose

Send Money to Romania Effectively and Beat the Bank’s Rates

Information verified correct on December 10th, 2016

Taking the time to compare your options can help you save a whole lot of money when you need to send money to Romania.

Known for its castles, its medieval history and its soaring mountains, Romania is an intriguing and fascinating country. And although this central European nation might seem an incredibly long way away from Australia, sending an international money transfer between the two countries is actually quite easy.

There are plenty of transfer providers who can manage your international transaction for you, but it’s important that you compare costs between providers and shop around to ensure that you get value for money.

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Rates last updated December 10th, 2016

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Banks versus money transfer companies

When they need to send money overseas, many people just head straight to their bank and assume that they will get the best deal available. Unfortunately, banks offer some of the worst value for money in the international transfer market. They charge high transaction fees and provide some truly disappointing exchange rates, so don’t be afraid to shop around in an effort to save money.

In recent years, the finance industry has seen the emergence of a large number of specialist money transfer companies. These businesses concentrate on foreign exchange and on sending funds around the world, and they offer far better exchange rates and typically lower fees than the banks. Check out the services these companies have to offer before choosing a money transfer provider.

Case Study: Adrian Sends Money to Romania

Adrian’s marriage may have broken down long before he moved to Australia, but this Romanian expat still remains in close contact with his ex-wife in Bucharest. When she asks him for an urgent transfer of $1,000 he is happy to oblige, and he decides to compare the services of two online transfer companies to see which one can save him the most money.

As you can see in the table below, Adrian can send an extra 72 RON using the second transfer company and can also save AUD $10 in transfer fees.

How do I compare transfer companies when transferring and receiving money via Romania?

Exchange rates. Exchange rates can vary quite substantially between money transfer providers, so see which company regularly offers the best rate for your transfer destination.

Transaction fees. Some companies with fantastic exchange rates also charge high fees, so make sure to check how much you will have to pay to get your funds to your beneficiary.

Transfer methods and options. Check to see how you can place a transfer: online, over the phone, at a branch and/or using a smartphone app. You may also be able to benefit from flexible transfer options, such as the ability to place a forward contract or schedule recurring payments months in advance.

Minimum and maximum limits. If a company imposes minimum and maximum limits per transaction, make sure these will not affect your ability to make the transfers you need to.

Processing time. How long will it take for your recipient to be able to access the money you send?

Pickup options. Will the funds you send be deposited into a bank account or mobile wallet, or will your recipient be able to collect the transfer in cash within minutes?

Customer service. Check to see whether you can access phone, email and live online chat support if you ever have a question about a transfer.

Emergency cash transfers in Romania

There are several companies that can help you send an emergency cash transfer from Australia to Romania should you ever need to, but be warned that these transfers are usually more expensive. High fees and lower exchange rates typically apply to urgent transactions, so it’s important that you review the full cost of your transaction before you hand over any money. If you fail to read the fine print, you could end up taking a nasty blow to your hip pocket.

If you need to send a cash transfer to Romania, Western Union and MoneyGram are two companies that can help. These money transfer providers operate hundreds of thousands of cash pickup branches around the world, including several in Romania, so your recipient can collect the cash you send from one of the popular branch locations listed below. Just make sure they have their ID and a transaction reference number handy when they visit a branch.

What are the steps to send money to Romania?

You will most likely need to follow these steps when you want to send money to Romania:

Sign up for an account. It’s usually free to sign up for an account and you can do so online by providing your name, contact information and valid photo ID.

Enter your transaction details. Provide information about how much money you’re sending, in which currency and where to. You’ll also need to provide your recipient’s bank account info or details of where they will collect the cash.

Complete your transaction. Review the exchange rate and fee that will apply to your transaction to determine the full cost of the transfer. Once you’ve paid for the transaction, hold on to any receipt you are given so that you can track your funds.

Disclaimer - We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. If you are unsure you should get independent advice before you apply for any product or commit to any plan.

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Important Information

finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, we may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.